Global Telehealth Market to Rise at an Impressive 23.4% CAGR; Increasing Government Initiatives to Favor Growth

July 31, 2019 | Healthcare

The Global Telehealth Market is likely to expand at a healthy rate between 2019 and 2026 due to the increasing investment by the government for the establishment of efficient telehealth services across the world. According to a report published by Fortune Business Insights, titled “Telehealth: Global Market Analysis, Insights, and Forecast, 2019-2026,” the market was valued at US$ 49.8 Bn in 2018. Fortune Business Insights has predicted that the market will reach US$ 266.8 Bn by 2026, thereby exhibiting a CAGR of 23.4%

Recent advancements in products associated with telehealth services have created the potential to address several unmet end user needs. Affordability and accessibility lie atop the pyramid of challenges faced by the current healthcare system, which can be addressed by telehealth services. To address the aforementioned challenges, companies are incorporating technologically advanced concepts in the related telehealth products and services. The adoption of telehealth services is growing at a rapid pace, among which radiology and cardiology witnessed significant demand. An increasing number of market entrants, combined with growing startup-associated investment, will favor the growth of the global telehealth market in the forthcoming years. Additionally, an increasing number of launches of technologically advanced products will constitute an increase in the global telehealth market value.

Prevalence of Unmet Medical Needs Will Offer Growth Opportunities

A majority of the rural population across the world are still facing several health related challenges. A huge percentage of the total rural population cannot access normal healthcare services due to a lack of service coverage. Moreover, the high prevalence of healthcare problems and disorders in rural areas will create a huge platform for the growth of telehealth market. Telehealth services possess the ability to address several unmet patient needs, such as overcoming distance barriers and ensure healthcare service delivery in areas where communication services are limited. Furthermore, increasing government initiatives as well as investment in enhancing healthcare services in rural areas will aid the growth of the global telehealth market in the coming years.

Increasing Number of e-visits to Favor Growth of the Market in North America

The increasing number of e-visits and the gradual preferential shift towards online healthcare consultation has aided the growth of the telehealth market in North America. In addition to the aforementioned factors, favorable health reimbursement policies will aid the growth of the telehealth market in North America. Fortune Business Insights states that North America has dominated the global telehealth market in recent years due to the escalating demand for telehealth services in this region. Fortune Business Insights has stated that the telehealth market in North America was valued at US$ 21.2 Bn in 2018 and is expected to grow significantly in the coming years. The telehealth market in Asia Pacific is likely to witness considerable CAGR in the coming years due to the improving healthcare infrastructure in this region.

Fortune Business Insights highlights some of the prominent companies that have generated substantial telehealth market revenue in recent years. Some of the leading companies that are operating in the global market are American Well, Teladoc Health, Doctor On Demand, GlobalMed, Dictum Health, Inc., LLC, InTouch Technologies, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, and SnapMD, Inc.